Author: News Room
Louis Vuitton, Chanel, Gucci, step aside. Resale clothing shoppers are bypassing previously-owned luxury brands at discounted prices in favor of scoring secondhand mid-tier brands for less. More affordable brands, such as Madewell, Zara, Urban Outfitters, Free People, Anthropologie, Abercrombie & Fitch and Levi’s are now the most popular brands with the best resale value, according to a new joint annual industry report from ThredUp, the world’s largest online thrift and consignment platform, and research and analytics firm GlobalData. Re-worn clothing is a fast-growing market overall that’s expected to reach $70 billion in sales by 2027, from sales of $44 billion…
This story is part of CNBC Make It’s The Moment series, where highly successful people reveal the critical moment that changed the trajectory of their lives and careers, discussing what drove them to make the leap into the unknown.In early 2006, Peter Beck took a “rocket pilgrimage” to the U.S.The native New Zealander always dreamed of sending a rocket into space. He even skipped college because of it, taking an apprenticeship at a tools manufacturer so he could learn to work with his hands, tinkering with model rockets and propellants in his free time.By the time of his pilgrimage, he’d built a…
Check out the companies making headlines in midday trading.WW International – Shares of the WeightWatchers parent surged 48%. Goldman Sachs upgraded the diet company to a buy from neutral rating late Monday, saying shares could more than triple as WW International pushes into the obesity medication market.CarMax — The car retailer’s shares jumped 10% after it announced a beat on its earnings for the fourth quarter. CarMax posted earnings of 44 cents per share, while analysts polled by Refinitiv had anticipated 24 cents per share. Meanwhile, the company’s revenue of $5.72 billion missed analysts’ estimates of $6.04 billion.Mohawk Industries —…
Treasury Secretary Janet Yellen on Tuesday struck an optimistic tone about the state of the global economy, saying that it is faring better than many expected in the fall despite persistent inflation and recent turmoil within the banking sector. “During the G20 [meeting] in February, I said that the global economy was in a better place than many predicted last fall. That basic picture remains largely unchanged,” Yellen said during remarks prepared for delivery at the start of the World Bank and International Monetary Fund’s spring meetings. The meetings come just weeks after the collapse of two regional lenders in the…
Tax Notes contributing editor Robert Goulder discusses the history of bank secrecy, Credit Suisse’s role in it, and the bank’s recent collapse. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week: Can you keep a secret? Bank secrecy is once again in the spotlight with Credit Suisse getting new scrutiny after its recent dramatic collapse. In March, the U.S. Senate Finance Committee released a report about the bank’s violation of a plea deal related to tax evasion. However, this isn’t…
JPMorgan (NYSE: JPM) is scheduled to report its fiscal Q1 2023 results on Friday, April 14, 2023. We expect JPMorgan to post mixed results with earnings beating the consensus but revenues missing the mark. The bank outperformed the street expectations in the last quarter, with revenues increasing 18% y-o-y to $34.5 billion. The top line mainly benefited from growth in net interest income. The NII improved 48% y-o-y to $20.2 billion driven by loan growth and higher interest rates. That said, the revenues were somewhat offset by an 8% drop in the noninterest income, primarily due to a 59% decline…
The recent uncertainty in the banking sector presents an urgent question for bank leaders: how can we convince our customers that their money is safe with us? Some new industry research suggests a surprising and powerful answer. Accenture surveyed 49,000 bank customers around the world and found that two-thirds of them like seeing bank branches in their neighborhoods as it confirms the stability and availability of their bank. This was consistent across all geographies and all age groups. This finding raised many eyebrows, including my own. Why would so many consumers, in our digital-dominated world, feel this way about brick-and-mortar…
By Jesús Aguado MADRID (Reuters) -Core inflation in the euro zone is likely to stay high for the rest of 2023, ECB policymaker Pablo Hernandez de Cos said on Monday, leaving the door open for further interest rate hikes. Inflation in the euro zone dropped by the most on record in March, but growth in core prices accelerated, data showed last month. “Core inflation is expected to remain elevated in the rest of the year … that may delay convergence towards the 2% target in the medium run and that will therefore need close monitoring,” De Cos, who also chairs…
By Peter Nurse Investing.com — Oil prices rose Tuesday, continuing the recent positive tone ahead of an industry report of weekly U.S. crude stocks as well as a key U.S. inflation release. By 09:15 ET (13:15 GMT), traded 0.9% higher at $80.43 a barrel, while the contract rose 0.5% to $84.62 a barrel. The , an industry body, is scheduled to release its weekly data on U.S. crude stockpiles later in the session and is expected to show another fall after last week’s drop of over 4 million barrels. The API numbers serve as a precursor to official inventory data…
© Reuters. By Liz Moyer Investing.com — Stocks were subdued on Monday, with the flat heading into the final minutes of trading as investors braced for a slew of inflation data coming this week. The latest report on the as well as one on are due mid-week, with investors already worried that last Friday’s for March would encourage the Federal Reserve to continue to raise interest rates. The economy created 236,000 jobs last month, just a tick below expectations for 239,000 but a sign of a still-tight labor market. Consumer prices are expected to show continued signs of slowing, though…
